Filing for bankruptcy gives you a fresh start financially. The next step is rebuilding your credit. Despite what you may have heard about bankruptcy, it is not the end of your chances to have good credit. The trick is to rebuild your credit wisely, so you get to a place where you can get the most attractive interest rates. After your bankruptcy filing, these tips will help you get back on track with your credit.
Know What Is on Your Credit Report
After your bankruptcy, review your credit report and make sure that all the information is correct and that there are not any outstanding debts that were not included in your bankruptcy. Check your report every few months going forward, so you can make sure no new negative marks are reported and that your settlements with your creditors are accurately reflected.
Commit to On-Time Payments
Paying the bills that you have left after your bankruptcy on time is the one of the best things you can do to rebuild credit. Don’t take on any bills you aren’t confident you can pay in a timely manner, so you don’t risk further negative reports.
Consider a Secured Credit Card
When you’re ready to get a credit card, you may receive offers for unsecured cards with extremely high interest rates. However, it’s best to start small with a secured credit card. Secured cards require you to put a deposit on the card to secure a line of credit. Managing a secured card well is a good way to get better offers for unsecured cards.
At Cutler & Associates, Ltd., our bankruptcy attorneys will walk you through the entire process of filing and help you understand how to recover financially. You can get a free bankruptcy evaluation from an attorney serving Aurora, Schaumburg, or the surrounding areas by calling (847) 961-4572.